Sound Shore Management Inc. CT Makes New Investment in Chevron Corporation $CVX

Sound Shore Management Inc. CT bought a new position in Chevron Corporation (NYSE:CVX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 9,855 shares of the oil and gas company’s stock, valued at approximately $2,039,000.

Other large investors have also modified their holdings of the company. Midwest Capital Advisors LLC acquired a new stake in Chevron during the first quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new position in Chevron during the 4th quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. acquired a new position in shares of Chevron in the 4th quarter worth approximately $27,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron in the 4th quarter worth approximately $27,000. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several research reports. Morgan Stanley dropped their price target on Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Mizuho lifted their price objective on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price for the company in a research note on Friday, April 17th. Scotiabank increased their target price on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company raised their price target on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Nineteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $206.83.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.56% of the company’s stock.

Chevron Stock Up 0.0%

Shares of Chevron stock opened at $187.39 on Monday. The stock has a market capitalization of $373.21 billion, a price-to-earnings ratio of 32.48, a PEG ratio of 0.66 and a beta of 0.50. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The business’s 50 day simple moving average is $181.54 and its 200-day simple moving average is $182.66.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.18 EPS. Equities research analysts forecast that Chevron Corporation will post 14.78 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.